Billionaires Get 'Low-Income' Tax Breaks in Condo Tower - Yahoo! Finance: "But they may also get a less publicized benefit: tax breaks of more than $150,000 a year from a program aimed at low-income housing.
According to financial documents obtained by CNBC, One57 may receive a tax abatement under a long-existing city program designed to provide more low-income housing. The program, known as 421-a, gives developers tax breaks for 10 to 20 years, which are then passed on to buyers. At One57, those savings may be substantial."
'via Blog this'
Wednesday, October 10, 2012
Tax breaks - meant for low income earners, used by low and high income earners
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